Dollar loses ground to the euro in Angola

21 February 2017

The US dollar has lost ground to the euro in Angola due to the fact that commercial banks have stopped making transactions in US currency after correspondent foreign banks that put dollars in Angolan partner banks stopped doing so, said the governor of the National Bank of Angola.

Valter Filipe, taking stock of a working visit to France, said that the only entities that still favour Angola in foreign exchange transactions are European, through the euro.

The governor also said it was necessary to inform the European authorities about the work that is being done in the Angolan financial system, in particular the measures that are being implemented to get it in line with international standards and best practices.

In relation to meetings held in France, Filipe stressed the meeting with the Financial Action Task Force (FATF), an informal international institution whose action focuses on making recommendations for the prevention and repression of money laundering, terrorist financing, confiscation of proceeds of crime and international cooperation on these issues.

“Despite Angola having been removed from the grey list of the FATF work must continue to ensure that the country will remain so,” said the governor, cited by newspaper Jornal de Angola.

Filipe arrived in Paris on Wednesday, heading up a delegation to restore the confidence of French institutions in the Angolan banking system, to allow Angola to be on the banking supervision equivalence list of the European Central Bank. (macauhub)

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